Preliminary September labor force counts for San Francisco, Marin and San Mateo counties peg the unemployment rates at 6.9%, 5.8% and 6.4% respectively, down 0.5 points in San Francisco and Marin, down 0.4 points in San Mateo. It’s the first time unemployment in San Francisco has measured under 7% since 2008.
On a revised basis, the number of unemployed in San Francisco fell by 2,500 in September (from 35,100 to 32,600) as the labor force contracted by 1,600 (from 475,600 to 474,000) and the number of employed increased by 900 (from 440,500 to 441,400).
Employment in San Francisco is up by 19,700 workers on a year-over-year (YOY) basis but remains 24,100 workers below a December 2000 dot-com peak (at which point the unemployment rate in San Francisco measured 3 percent).
Overall unadjusted California unemployment fell to 9.7% in September as employment increased by 109,800, the labor force contracted by 31,300, and the number of unemployed fell by 141,300.
∙ Monthly Labor Force Data for Counties: August 2012 (Preliminary) [EDD]
∙ San Francisco Employment Up By 200 In August, Up 22,100 YOY [SocketsSite]
∙ San Francisco Employment Trends And Dot-Com Context [SocketSite]